On 5/9, Sitharaman affirmed on CNN-News18 that India has no plans to halt Russian oil purchases. India is currently the world's third-largest oil importer and consumer.

"We have to make the best decision for our own good. Therefore, we will certainly continue buying," Sitharaman stated. She explained that India uses a significant portion of its foreign exchange reserves to purchase crude oil and refined fuels. In the fiscal year ending 3/2025, oil and refined fuels accounted for 25% of India's total imports.

Rosneft's oil tanker Vladimir Monomakh transits the strait in Istanbul, Turkey. Photo: Reuters

Rosneft's oil tanker Vladimir Monomakh transits the strait in Istanbul, Turkey. Photo: Reuters

Since the Russia-Ukraine conflict began in 2022, Russian oil has been shunned by the US and Europe. India has capitalized on this opportunity to purchase discounted Russian oil and is now the largest consumer of this commodity. New Delhi has repeatedly emphasized that its purchase of Russian oil helps maintain market equilibrium. "Whether it's Russian oil or any other product, we will make purchasing decisions based on factors like pricing, logistics, and other considerations," Sitharaman explained.

However, the US is displeased with this situation. Last month, former US President Donald Trump announced secondary import tariffs on countries still importing Russian oil to pressure Moscow to end the war in Ukraine. In early August, he added a 25% tariff on Indian imports, bringing the total to 50%.

White House Trade Advisor Peter Navarro described India's purchase of Russian oil as "opportunistic", undermining global efforts to isolate Russia. US Commerce Secretary Howard Lutnick recently urged India to support the US dollar, resume trade negotiations with Washington, and cease purchasing Russian oil.

"We are always open to discussions. The Chinese sell to us. So do the Indians. They cannot sell to each other. We are the consumers of the world," Lutnick stated in a Bloomberg interview. He predicted that India would return to negotiations with the US within one to two months to reach a trade agreement.

Recent talks between India and the US have stalled. Last month, a planned visit to New Delhi by a US trade delegation was cancelled. Since then, no direct meetings have taken place between the two sides.

Ha Thu (according to Reuters)